A recent survey conducted by peer-to-peer marketplace, Paxful, has found interesting insights into the cryptocurrency habits of the Colombian population.
The use of cryptocurrency is on the rise in South America. This is seen particularly in Venezuela, where the population is using it to bypass international sanctions. Colombia is another country where citizens believe crypto assets to be a worthy asset in the face of national financial instability. In fact, a staggering 86.5% of the Colombian population is familiar with cryptocurrency, a number which is significantly lower in other parts of the world. More astonishing is the fact that 80% of those surveyed are interested in investing in cryptocurrency.
Ethereum Much Behind Bitcoin
Tellingly, at least 50% of those surveyed between the ages of 25 and 40 have already invested in, or are planning on investing in main cryptocurrencies. However, Ethereum does not seem to make the list. Less than 3% of these respondents have plans to, or have already, invested in Ethereum. In contrast, about 80% of them showed their commitment to Bitcoin. Surprisingly, greater than 5% expressed interest in Bytecoin.
But this might not be the end of the line for Ethereum. Paxful reported that about 60% of respondents expect their adoption to increase. As more and more citizens start using cryptocurrency, Ethereum is bound to rise in popularity given its global dominance. Paxful also explained how and why increased adoption will occur:
“The increased use of digital currencies is likely linked to a hyperconnected generation constantly on the lookout for options that not only allow them to have 24/7 access to their financial assets but also give them the freedom to make online global transactions in a simple way.”
Ethereum is currently #2 in terms of market capitalisation among all cryptocurrencies, second only to Bitcoin. After suffering from a severe bearish week, its price has somewhat recovered and 1 Ether (ETH) is currently worth $198.52.